Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>DPC Dash aims to raise around US$100m in its Hong Kong IPO. </li>
<li>The company is the exclusive master franchisee for Domino’s Pizza in China, HK and Macau. DPC operated 562 stores across 13 cities, as of Nov 2022.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>


DPC Dash aims to raise around US$100m in its Hong Kong IPO. 
The company is the exclusive master franchisee for Domino’s Pizza in China, HK and Macau. DPC operated 562 stores across 13 cities, as of Nov 2022.
In this note, we will talk about the positive aspects of the deal.


DPC Dash Pre-IPO - The Positives - On a Rapid Expansion Spree

Converge Information and Commu / Equity Capital Markets

<ul>
<li>Warburg Pincus, aims to raise around US$138m via selling its 3.6% in Converge ICT (CICT). The sale will be accompanied by a company buyback and a private transaction.</li>
<li>Warburg had earlier sold in the IPO and then in Nov 21, and this trade will be a cleanup.</li>
<li>In this note, we will run the deal through our ECM framework.</li>
</ul>


Warburg Pincus, aims to raise around US$138m via selling its 3.6% in Converge ICT (CICT). The sale will be accompanied by a company buyback and a private transaction.
Warburg had earlier sold in the IPO and then in Nov 21, and this trade will be a cleanup.
In this note, we will run the deal through our ECM framework.


Converge ICT Placement - Clean-Up and Buyback, Just in Time for the Index Inclusion

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

Koufu's bubble tea venture, RB Tea, has caused a new wave of innovation in Singapore and naturally, invited competitions. The company planned an Indonesian expansion, following the success of other brands. <a href="https://www.smartkarma.com/entities/grabtaxi-holdings-pte-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab (0967655D SP)</a> reported that its bubble tea order in Indonesia has grown by 8500% in 2018 alone. In this report, we will discuss the following:<ol>
<li>the competitive landscape in Singapore - Singapore market is just overcrowded with the various brands competing to win customers</li>
<li>calorie counter - bubble tea is not that healthy, with or without brown sugar</li>
<li>Indonesia's increasing demand</li>
<li>impact to the bottom line</li>
<li>valuation - <a href="https://www.smartkarma.com/entities/koufu-group-ltd" target="_blank" data-smartkarma-citation="entities:27271:1" rel="noopener">Koufu Group Ltd (KOUFU SP)</a> is currently trading at USD 300, 15x PER, 1.74x Price/Sales and 8x EV/EBITDA - a 27% discount to the peers' average PER, 54% discount to <a href="https://www.smartkarma.com/entities/pt-map-boga-adiperkasa-utama-tbk" target="_blank" data-smartkarma-citation="entities:24207:1" rel="noopener">Pt Map Boga Adiperkasa Utama Tbk (MAPB IJ)</a> , 37% discount to Shakey's Price to sales and 51% discount to Shakey's EV/EBITDA. </li>
</ol><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/094/442/original/koufu%20tea%20share%20price.PNG?1564416072" class="editor-image img-responsive" data-smartkarma-image-id="94442"></figure><div class="content-caption">source: Capital IQ</div>

Koufu's bubble tea venture, RB Tea, has caused a new wave of innovation in Singapore and naturally, invited competitions. The company planned an Indonesian expansion, following the success of other brands. Grab (0967655D SP) reported that its bubble tea order in Indonesia has grown by 8500% in 2018 alone. In this report, we will discuss the following:
the competitive landscape in Singapore - Singapore market is just overcrowded with the various brands competing to win customers
calorie counter - bubble tea is not that healthy, with or without brown sugar
Indonesia's increasing demand
impact to the bottom line
valuation - Koufu Group Ltd (KOUFU SP) is currently trading at USD 300, 15x PER, 1.74x Price/Sales and 8x EV/EBITDA - a 27% discount to the peers' average PER, 54% discount to Pt Map Boga Adiperkasa Utama Tbk (MAPB IJ) , 37% discount to Shakey's Price to sales and 51% discount to Shakey's EV/EBITDA. 
source: Capital IQ

Koufu: Crowded Bubble Tea in Singapore but Indo Is Different

Haidilao International Holding / Equity Bottom-Up

Haidilao's upcoming IPO is lauded as one of the biggest IPO in 2018 and more importantly, it is a non-technology related business and domestic centric without any potential from being hurt by the ongoing trade war. In this note, we will discuss Haidilao's key strengths, related party transactions, the comparables and real competitors of Haidilao and growth strategy.

Haidilao's upcoming IPO is lauded as one of the biggest IPO in 2018 and more importantly, it is a non-technology related business and domestic centric without any potential from being hurt by the ongoing trade war. In this note, we will discuss Haidilao's key strengths, related party transactions, the comparables and real competitors of Haidilao and growth strategy. 

Haidilao IPO: Hotpot for the Flu from Trade War

There are a few things that have taken place in the past few months for MyEG; share price of MyEG has been sold off due to a close association with the fallen of the previous PM, changing from GST to SST that presumably may reduce revenue from the GST filing, signed an MOA with Bangladesh government - a mixed bag of negative and positive driver to the group's business. In this report, we will try to answer the following question:<ol>
<li>share price sold off - what is the implication to the valuation</li>
<li>changing from GST to SST - what is the impact to the group's revenue</li>
<li>non-concessionary venture</li>
<li>e-government service to other countries</li>
<li>what shall we do with the current valuation; buy, hold or sell?</li>
</ol>

There are a few things that have taken place in the past few months for MyEG; share price of MyEG has been sold off due to a close association with the fallen of the previous PM, changing from GST to SST that presumably may reduce revenue from the GST filing, signed an MOA with Bangladesh government - a mixed bag of negative and positive driver to the group's business. In this report, we will try to answer the following question:
share price sold off - what is the implication to the valuation
changing from GST to SST - what is the impact to the group's revenue
non-concessionary venture
e-government service to other countries
what shall we do with the current valuation; buy, hold or sell?


Philippines

Premium Leisure Corporation invests in gaming, property development, pay-per-view entertainment, and information systems.  The company also explores oil and gas.

Pacific Online Systems Corporation designs, develops, and manages online computer systems, terminals, and software for the gaming industry in the Philippines. It operates through Leasing Activities, and Distribution and Retail Activities segments. The company sources technology from various suppliers of integrated gaming systems, and leases the equipment needed for the online lottery operations to the Philippine Charity Sweepstakes Office (PCSO). It is also involved in the provision of technical support services to PCSO. In addition, the company distributes and sells instant tickets under the Scratchit brand name, as well as sells lottery and sweepstakes. Further, it manages a network of approximately 260 retail outlets that provide Lotto, Keno, and Scratchit products. The company was incorporated in 1993 and is headquartered in Pasig City, the Philippines.

Philippine Racing Club, Inc., together with its subsidiaries, operates and maintains race tracks in metro Manila and other parts of the Philippines. It also manages betting stations; holds horse races; leases out stables; acquires, develops, and sells real estate properties, including leisure, recreational, and memorial parks; and owns, operates, manages, and/or sells real estate properties. The company was founded in 1937 and is based in Cavite, the Philippines.

Max's Group Incorporated is a chained full service restaurant in the casual dining segment operating a portfolio of brands both domestically and overseas. The Company is also licensed to operate certain international food brands.

PhilWeb Corporation provides gaming technology in the Asia Pacific region. It owns and operates e-Games cafes, Internet caf�, and kiosks that offer casino games, including baccarat, blackjack, various slot machine games, video poker, and sports betting. The company also develops and manufactures computer-based automated terminals; and operates various lottery and scratch card games. In addition, it is involved in developing and marketing computer and gaming systems, software applications, and programs; and the operation of gaming platforms in relation to Premyo sa Resibo program of the BIR, and Philippine Amusement and Gaming Corporation. Further, the company engages in the business of setting up Internet bingo stations and its operations, as well as operates and provides consultancy services related to amusement, recreational, gaming and gaming equipment facilities, and enterprises. The company was formerly known as PhilWeb.Com, Inc. and changed its name to PhilWeb Corporation in November 2002. PhilWeb Corporation was incorporated in 1969 and is based in Makati, the Philippines.

The Far Eastern University, Incorporated operates as a private non-sectarian institution of learning in the Philippines. It offers various programs in arts and sciences, such as Master of Arts (MA) in psychology; MA with majors in mass communication and letters; Bachelor of Arts in communication, English language, literature, political science, and international studies; and Bachelor of Science (BS) in biology, psychology, applied mathematics with information technology, and medical technology. The company also provides accounts, business, and finance programs, including BS in accountancy; and BS in business administration with majors in business economics, financial management, marketing management, human resource development management, operations management, business management, internal auditing, and legal management. In addition, it offers BS in hotel and restaurant management, and tourism management; Doctor of Education with major in educational administration; MA in education with majors in educational administration, thesis and non-thesis curriculum and instruction, and special education; Bachelor of Elementary Education with majors in general and special education; Bachelor of Secondary Education with majors in mathematics, sports and recreational management, English, and general science; and Bachelor of Physical Education with major in school physical education certificate and teacher certificate programs. Further, the company provides other programs that include BS in architecture; Bachelor of Fine Arts with majors in advertising arts and painting; Bachelor of Law and Juris Doctor; MA and BS in nursing; Master of Business Administration; and BS in accounting technology and information technology. Additionally, it offers engineering and computer studies programs; and pre-school to high school education. The Far Eastern University, Incorporated was founded in 1928 and is based in Manila, the Philippines.

Berjaya Philippines Inc., an investment holding company, is engaged in the leasing on-line lottery equipment and software support businesses in the Philippines. It operates in the Leasing, Services, Holdings and Investments, and Motor Vehicle Dealership segments. The company also owns, leases, and operates hotels and other buildings. In addition, it is engaged in the luxury motor vehicle retail and provision of after sales services. The company was formerly known as Prime Gaming Philippines, Inc. and changed its name to Berjaya Philippines Inc. in June 2010. Berjaya Philippines Inc. was incorporated in 1924 and is headquartered in Makati City, the Philippines. Berjaya Philippines Inc. is a subsidiary of Berjaya Lottery Management (HK) Limited.

iPeople, inc., together with its subsidiaries, engages in the education, consulting development, and installation and maintenance of information technology systems in the Philippines. The company operates through two segments, Information Technology and Education, and Others. It operates Mapua Institute of Technology that offers various courses of study, including engineering and sciences, social sciences, graduate studies, engineering management, architecture and design, information technology, business and management, multimedia arts and sciences, and health science. The company also operates Malayan college located in Laguna; and Malayan high school of sciences, a science and math oriented high school located in Pandacan, Manila. In addition, its Mapua information technology center offers various training modules, such as Dot Net, CCNA voice, Cisco, custom courses, English proficiency, JAVA, office automation, and project management for high school students, career shifters, and professionals. Further, iPeople, inc. operates the Pan Pacific Computer Center that resells computer hardware and peripherals, and software licenses and packages; and provides value-added information technology (IT) services, such as server hosting, document management, and help-desk assistance. The company was formerly known as Petrofields Exploration and Development Co., Inc. and changed its name to iPeople, inc. in December 1999. The company was founded in 1989 and is based in Makati, the Philippines. iPeople, inc. is a subsidiary of House of Investments, Inc.

Centro Escolar University, an institution of higher learning, provides instruction and training programs in the Philippines. The company establishes, maintains, and operates educational institutions that offer programs in the fields of arts and sciences for classes in tertiary level. It provides various college and graduation courses, including dentistry, optometry, music, and public administration in the fields of commerce, science, and arts; and 11 under graduation programs. The company also specializes in medical technology, nursing, education, nutrition, optometry, pharmacy, and business education courses. It operates in Mendiola, Malolos, Makati-Gil Puyat, and Makati-Legaspi. Centro Escolar University was founded in 1907 and is based in Manila, the Philippines.

DigiPlus Interactive Corp. provides gaming and leisure facilities. The Company offers multi-gaming platforms, numerous products, and games with a strong distribution network of entertainment facilities in neighborhood sites. DigiPlus Interactive serves customers in the Philippines.

Straco Corporation Limited develops and operates aquatic related facilities and tourism related activities.  The Group also operates cable car facilities and provides management and consulting services.

Amara Holdings Limited operates hotels and restaurants, provides food and beverage catering services as well as develops and invests in properties.  The Company owns and operates Amara Hotel and invests in shares.

WATAMI Co., Ltd. operates Japanese style pub restaurant chain, known as Watami, primarily in Tokyo and Kanagawa prefecture.  The Company also operates restaurant and American bar chain, T.G.I.Friday.  Watami Food launches new establishments from station-front to suburban area types.

Dalian Sunasia Tourism Holding Co., Ltd. owns and operates the Dalian Shengya Ocean World, a submarine tunnel style aquarium, located in Dalian, Liaoning. The Company also provides related food services and operates souvenir stores.

Dalian Sunasia Tourism Holding (600593 CH)

SFP Dining Co Ltd operates as a holding company. The Company, through its subsidiaries, owns and operates a range of branded chain restaurants

St Marc Holdings Co Ltd manages Saint Marc Co., Ltd., a subsidiary which operates a chain of bakery restaurants, cafes, and sushi restaurants in the Okayama area.

Holiday Entertainment Co., Ltd. operates private karaoke rooms throughout Taiwan.  The Company rents rooms equipped with karaoke machines and audio systems for fees.  Holiday also serves food and drinks.

OOTOYA, Holdings Co., Ltd. operates a restaurant chain which serves Japanese set meals.  The Company operates its own restaurants based in Kanto.

SHiDAX CORPORATION, through its subsidiaries, provides food catering services and operates restaurants.  The Company's subsidiaries provide their services to companies, hospitals, and schools.

Power Wind Health Industry Inc provides amusement and other recreation activities. The Company is incorporated in Taiwan.

Shakeys Pizza Asia Ventures Inc operates Shakey's pizza chain of full-service restaurant in the Philippines 

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Shakey's Pizza (PIZZA PM)

DPC Dash Pre-IPO - The Positives - On a Rapid Expansion Spree

DPC Dash, master franchisee for Domino's Pizza in China, aims to raise around US$100m in its Hong Kong IPO. In this note, we talk about the...

Sumeet Singh

Converge ICT Placement - Clean-Up and Buyback, Just in Time for the Index Inclusion

Warburg Pincus, aims to raise around US$138m via selling its 3.6% in Converge ICT (CICT). The sale will be accompanied by a company buyback and a...

Sumeet Singh

Koufu: Crowded Bubble Tea in Singapore but Indo Is Different

Koufu's bubble tea venture, RB Tea, has caused a new wave of innovation in Singapore and naturally, invited competitions. The company planned an...

Henry Soediarko

Haidilao IPO: Hotpot for the Flu from Trade War

Haidilao's upcoming IPO is lauded as one of the biggest IPO in 2018 and more importantly, it is a non-technology related business and domestic...

Henry Soediarko

MyEG (MYEG): Revenge of the Fallen

There are a few things that have taken place in the past few months for MyEG; share price of MyEG has been sold off due to a close association with...

Henry Soediarko

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